Gottex, the listed Swiss fund of hedge funds, has increased the pay of its three directors by almost half, despite a massive drop in 2010 profits that means its shareholders will not receive a dividend this year.

Pre-tax profits at the alternatives manager fell by 191% last year, from $8m in 2009 to a $7m loss in 2010, according to its annual report. The firm's three directors Joachim Gottschalk, Richard Leibovitch and Maximilian Gottschalk, meanwhile earned a combined $6.8m over the period - a year-on-year increase of 45%.